The basic steps to close a joint account
To close a joint savings account, you and your co-owner must both contact the bank together or separately, depending on the bank's policy. Most banks require at least one owner to visit a branch in person with a government-issued ID, though some allow the process by phone or mail. The bank will freeze the account, pay out any remaining balance, and close it — usually within a few business days.
Before you close, decide what happens to the money. If you and your co-owner agree on how to split it, the bank can divide the balance between two accounts (yours and theirs) or issue separate checks. If you disagree, the bank will not close the account until the dispute is resolved — you may need to involve a lawyer or go to court.
The exact process varies by bank. Call your bank's customer service line or visit your local branch to ask what documents you need and whether both owners must be present. Some banks have a form you fill out; others handle it entirely over the phone.
Key Takeaways
- Both account owners usually need to consent to closing, though some banks allow one owner to close unilaterally — check your account agreement or call your bank to confirm.
- You must decide how to divide the remaining balance before the bank will close the account, and both owners should agree on this split in writing.
- Bring a government-issued ID to a branch visit, or ask whether your bank allows closure by phone or mail if you cannot visit in person.
- The account typically closes within a few business days once all paperwork is complete and both owners have consented.
- If you and your co-owner disagree about the balance, the bank will not close the account until the dispute is settled, which may require legal help.
When both owners must agree versus when one can act alone
Most banks require both owners to consent before closing a joint account. This protects both people — neither owner can unilaterally take the money and run. However, your account agreement (the contract you signed when you opened the account) may allow one owner to close it alone. Read your agreement or call the bank to find out what yours says.
If your account agreement requires both signatures, you will need to provide written consent from your co-owner. This can be a signed form the bank provides, a notarized letter, or a copy of an email or text message where they agree. Some banks accept a phone call from both owners on the same line as proof of consent.
If you cannot reach your co-owner or they refuse to close the account, you have limited options. You can ask the bank to freeze the account so neither of you can withdraw money, but closing it will require their signature or a court order. If the account is tied to a divorce or separation, a family court judge can order closure and divide the balance.
How to handle the money in the account
Before the bank will close the account, you and your co-owner must agree on how to split the balance. The three most common options are: divide it equally, divide it based on who contributed what, or leave it all to one person.
If you both agree, put the decision in writing — even a text message or email counts. Show this to the bank when you request closure. The bank can then split the balance into two separate checks, transfer your share to your individual account, or issue one check to both of you (which you then divide yourselves).
If you disagree about the split, the bank will not close the account. You will need to settle the dispute before closure can happen. This might mean negotiating with your co-owner, asking a mediator to help, or taking the matter to court. Until the dispute is resolved, the account stays open and both owners retain access to the money.
Documents and ID you will need
Bring a government-issued photo ID — a driver's license, passport, or state ID card — to prove you are who you say you are. If you are closing the account by mail, the bank will ask you to photocopy both sides of your ID and send it with the closure request form.
You may also need to bring or provide your account number, the account agreement, and written consent from your co-owner (if required). Some banks ask for a recent statement to confirm the current balance. Call your bank ahead of time to ask what they need — this saves a trip if you are visiting a branch.
If you are closing the account by phone or mail, the bank will mail you the forms to sign. You will return them with copies of your ID. The whole process usually takes one to two weeks from the time you mail the forms back.
What happens to automatic payments and direct deposits
Before you close the account, check whether any automatic payments or direct deposits are tied to it. These include bill payments, paycheck deposits, subscription charges, or transfers to other accounts. If you close the account without redirecting these, payments will fail and direct deposits will bounce.
Contact each company or employer that uses the account and give them your new account number at least a week before closure. This includes your employer (for paycheck deposits), your utility company, insurance company, loan servicer, or any other business that withdraws money or deposits money into the joint account.
Once you have redirected everything, tell the bank you are ready to close. The bank will process the closure and send you the final balance, usually by check or transfer to another account you specify.
Closing the account if you and your co-owner are no longer in contact
If you cannot reach your co-owner, you have a few options depending on why. If they have moved and you have no way to contact them, some banks will close the account after a waiting period (usually 30 to 90 days) if you can show you made a good-faith effort to reach them. Document your attempts — emails, letters, phone calls — and bring this record to the bank.
If the account is part of a separation or divorce, a court order can override the need for both signatures. Bring a copy of the divorce decree or separation agreement to the bank; if it names the account and says what should happen to it, the bank may close it based on that order alone.
If your co-owner is deceased, you will need a death certificate and possibly a will or court order showing who has the right to the money. The bank's process for this varies, so call and ask what they need.
If you believe your co-owner is committing fraud or theft, contact your bank's fraud department and file a police report. The bank may freeze the account while the matter is investigated, but closure will still require either consent or a court order.
Timeline and what to expect after you request closure
Once you submit a closure request with all required documents and both owners have consented, the bank typically closes the account within three to five business days. If you are visiting a branch in person, closure can happen the same day, though the final balance may take a few days to process.
The bank will send you a confirmation letter with the account number, closure date, and final balance. Keep this for your records. If you requested a check, it will arrive by mail within one to two weeks. If you requested a transfer to another account, it will post within two to three business days.
After closure, you will no longer be able to access the account online or by debit card. Any automatic payments or direct deposits that were not redirected will fail. Check your email and the mail for any notices from companies that tried to withdraw money after closure — you may need to contact them to update your account information.
Frequently Asked Questions
Can one owner close a joint account without telling the other?
It depends on your bank and your account agreement. Most banks require both owners to consent, but some allow one owner to close unilaterally. Call your bank or read your account agreement to find out. If your bank requires both signatures and one owner closes without consent, the other owner may have legal recourse.
What if my co-owner spent most of the money and there is almost nothing left?
You can still close the account. The bank will divide whatever balance remains according to how you and your co-owner agree. If you disagree about whether they had the right to spend that money, that is a separate legal matter between you and them — the bank will not take sides. You may need to consult a lawyer or small claims court.
Do I need to close the account in person, or can I do it by phone or mail?
Most banks allow closure by phone or mail, though some require at least one owner to visit a branch. Call your bank and ask what options they offer. If you must visit in person, ask whether your co-owner can authorize closure by phone or mail while you handle the in-person part.
Will closing a joint account hurt my credit?
No. Closing a savings account does not affect your credit score. Credit scores are based on borrowing and repayment history, not on the accounts you keep open or close. However, if the account had overdraft fees or other issues that were reported to credit bureaus, those remain on your record.
What if the bank says they cannot close the account?
Ask why. Common reasons include: one owner has not consented, automatic payments are still tied to it, or there is a dispute about the balance. Address the specific reason — get consent, redirect payments, or settle the dispute. If the bank is refusing for another reason, ask to speak with a supervisor or contact your state's banking regulator.